Birchcliff Energy Ltd. (BIR.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+57.7%

CA$11.07

vs CA$7.02 price

Levered DCF

CA$10.45

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.59

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	31.13×	25.81×	157.49×	3.83×	5.52×	-7.7×	-11.77×	8.22×
P/B	0.91×	0.66×	0.69×	1.04×	0.9×	0.29×	0.41×	0.46×
P/S	2.93×	2.42×	2.2×	2.09×	1.96×	0.9×	1.14×	1.39×
EV / EBITDA	6.73×	5.86×	7.11×	2.43×	3.51×	7.6×	8.63×	3.69×
Gross margin	23.4%	51.5%	58.1%	77.0%	70.3%	55.3%	61.4%	65.2%
Operating margin	17.1%	43.7%	50.1%	73.5%	66.8%	50.1%	56.2%	59.7%
Net margin	9.3%	9.3%	1.4%	54.8%	35.9%	-11.0%	-9.1%	17.5%
Current ratio	1.74×	2.11×	0.91×	1.05×	0.64×	0.41×	0.4×	1.2×
Debt / equity	0.28×	0.31×	0.17×	0.06×	0.29×	0.48×	0.4×	0.37×
Interest coverage	2.62×	6.05×	15.56×	49.38×	17.65×	8.33×	11.04×	12.13×
Dividend yield	1.6%	7.4%	13.9%	3.1%	0.8%	4.0%	5.2%	3.8%
Payout ratio	50.5%	192.2%	2181.4%	11.7%	4.3%	-32.2%	-64.3%	30.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	2.6%	0.4%	27.2%	16.4%	-3.6%	-3.3%	5.8%
Return on invested capital	2.7%	5.7%	6.8%	21.8%	14.7%	6.9%	7.2%	8.6%
Return on assets	1.8%	1.6%	0.3%	20.3%	9.9%	-1.8%	-1.8%	3.4%
Free cash flow yield	4.8%	-5.7%	0.8%	22.2%	16.5%	-21.6%	4.3%	2.7%
Earnings yield	3.2%	3.8%	0.6%	26.2%	18.3%	-12.3%	-8.0%	12.6%
Enterprise value	CA$2.7B	CA$2.1B	CA$1.9B	CA$2.6B	CA$2.3B	CA$1.3B	CA$1.4B	CA$1.5B
Net debt / EBITDA	1.57×	1.87×	1.42×	0.13×	0.86×	4.76×	4.28×	1.65×
Cash conversion cycle (days)	4	-36	-79	-153	-97	-107	-105	-105